Day Traders Diary

8/28/23

The major averages closed higher to start the week kicking off the final trading week of August, boosted by gains in tech following a nice turnaround on Friday. The Dow Jones Industrial Average jumped 213 points or 0.62%. The S&P 500 rose 27 points or 0.63% while the Nasdaq rose 114 points or 0.84%.  

All three indexes have lost ground in August, with the S&P 500 shedding 3.4% while the Nasdaq and Dow slipped 4.5% and 2.6%, respectively.

In the tech space, Meta, Apple, Nvidia and Google all rose around 1% while Tesla, Amazon and Microsoft hugged the flatline. Tech is the second worst performing sector in August.

Outside of tech, Shares of 3M jumped 5% after a Bloomberg News report that the company was ready to settle lawsuits alleging some earplugs were faulty. Energy, industrial and real estate were the best-performing S&P 500 sectors today.

Stocks are coming off a winning session following fresh remarks from Federal Reserve Chair Jerome Powell. On Friday, Powell pointed to some signs of continued economic growth and strong consumer spending, but indicated that the central bank would "proceed carefully" with additional hikes.